Natco Pharma rose 2.13% to Rs 2,330.60 at 11:19 IST on BSE after the company received Foreign Investment Promotion Board's approval to raise foreign investment limit.
The announcement was made after market hours yesterday, 13 August 2015.
Meanwhile, the BSE Sensex was up 339.43 points, or 1.23%, to 27,888.96.
On BSE, so far 5,826 shares were traded in the counter, compared with an average volume of 14,365 shares in the past one quarter.
The stock hit a high of Rs 2,351.90 and a low of Rs 2,310 so far during the day. The stock hit a record high of Rs 2,709 on 7 April 2015. The stock hit a 52-week low of Rs 1,100 on 14 August 2014.
The stock had underperformed the market over the past one month till 13 August 2015, rising 0.85% compared with 1.47% fall in the Sensex. The scrip had. however, outperformed the market in past one quarter, rising 9.08% as against Sensex's 1.10% rise.
The mid-cap company has an equity capital of Rs 33.23 crore. Face value per share is Rs 10.
Natco Pharma announced that Foreign Investment Promotion Board (FIPB) has approved increasing foreign investment limit from 24% to 31.5% of the paid up equity share capital of the company. FIPB also approved raising Rs 450 crore by issuing eligible securities to Qualified Institutional Buyers (QIBs).
On a consolidated basis, net profit of Natco Pharma declined 15.63% to Rs 28.23 crore on 14.18% rise in net sales to Rs 222.14 crore in Q1 June 2015 over Q1 June 2014.
Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.
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